SFO Merrill Lynch

JACKSONVILLE, Fla., Aug. 3 /PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc. (NYSE:SFO) today announced its plans to release second quarter financial results for the period ended June 30, 2006 after the close of market trading on Wednesday, August 9, 2006. An accompanying conference call will be held August 10th at 10:00 a.m. ET. A live webcast of the conference call will be available online at http://www.sunsetfinancial.net/. Web participants are encouraged to go to the Web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in number is (866) 543-6407 and the participant code is 43207822. An archive of the webcast will be available online from August 10, 2006 through September 10, 2006 at http://www.sunsetfinancial.net/. In addition, a dial-in replay of the call will be available from August 10 - August 17, 2006. The replay dial-in number is (888) 286-8010. The passcode is 17145493. The information in this press release is subject to change. About Sunset Financial Resources Sunset is a specialty finance REIT headquartered in Jacksonville, Florida and trades on the New York Stock Exchange under the symbol "SFO". Information set forth in this release contains forward-looking statements, which involve a number of risks and uncertainties. Sunset and Alesco caution readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained or implied in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Sunset and Alesco, including future financial and operating results, the new company's plans, objectives, expectations and intentions and other statements that are not historical facts. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: factors that affect the timing or ability to complete the transactions contemplated herein; the risk that the business will not be integrated successfully; the risk that cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with lenders, other counterparties, or employees; competition and its effects on pricing, spending, third-party relationships and revenues; the failure of the companies to successfully execute their business plans, gain access to additional financing, the availability of additional loan portfolios for future acquisition, continued qualification as a REIT and the cost of capital. Additional factors that may affect future results are contained in Sunset's filings with the SEC, which are available at the SEC's web site http://www.sec.gov/. Sunset and Alesco disclaim any obligation to update and revise statements contained in these materials based on new information or otherwise. Company Contact: Investors: Stacy Riffe KCSA Worldwide Chief Financial Officer Jeffrey Goldberger / Michael Cimini (904) 425-4365 212.896.1249 / 212.896.1233 / DATASOURCE: Sunset Financial Resources, Inc. CONTACT: Stacy Riffe, Chief Financial Officer of Sunset Financial Resources, Inc., +1-904-425-4365, , or Investors: Jeffrey Goldberger, +1-212-896-1249, , or Michael Cimini, +1-212-896-1233, , both of KCSA Worldwide for Sunset Financial Resources, Inc. Web site: http://www.sunsetfinancial.net/

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